BRARO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-01-2026 PDF all 24 filings
Turnover
≈ €530,000
Estimated: probably between €350,000 and €870,000
Total assets
€110,050▲ 1.8%
2024 · €108,075
Net result
-€2,560
2024 · €5,536
Working capital
-€25,735▼ 4.8%
2024 · -€24,556
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€201
▼ 98.1%
2025
20192025
Net result
-€2,560
2025
middle half of the sector
20192025
Equity
€22,376
▼ 10.3%
2025
middle half of the sector
20192025
Total assets
€110,050
▲ 1.8%
2025
middle half of the sector
20192025
Debt
€87,674
▲ 5.5%
2025
20192025
Working capital
-€25,735
▼ 4.8%
2025
lowest quarter of the sector
20192025
Solvency
20.3%
▼ 2.7pp
2025
middle half of the sector
20192025
Current ratio
0.65
▲ 0.05
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-2.3%
▼ 7.4pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€2,217-€4,631€8,075▲ 74.4%€8,079▲ 0.1%€11,296▲ 39.8%€10,710▼ 5.2%€201▼ 98.1%
Net result-€4,745-€3within the sector's middle half€3,451within the sector's middle half▲ 1,211×€4,441within the sector's middle half▲ 28.7%€5,894within the sector's middle half▲ 32.7%€5,536within the sector's middle half▼ 6.1%-€2,560within the sector's middle half
Equity€5,362-€5,614within the sector's middle half▲ 4.7%€9,065within the sector's middle half▲ 61.5%€13,506within the sector's middle half▲ 49.0%€19,400within the sector's middle half▲ 43.6%€24,936within the sector's middle half▲ 28.5%€22,376within the sector's middle half▼ 10.3%
Total assets€106,187-€104,689within the sector's middle half▼ 1.4%€94,717within the sector's middle half▼ 9.5%€110,122within the sector's middle half▲ 16.3%€120,293within the sector's middle half▲ 9.2%€108,075within the sector's middle half▼ 10.2%€110,050within the sector's middle half▲ 1.8%
Debt€100,825-€99,074▼ 1.7%€85,652▼ 13.5%€96,616▲ 12.8%€100,893▲ 4.4%€83,139▼ 17.6%€87,674▲ 5.5%
Working capital-€15,262--€21,238below the sector's middle half▼ 39.2%-€21,491below the sector's middle half▼ 1.2%-€27,101below the sector's middle half▼ 26.1%-€15,453below the sector's middle half▲ 43.0%-€24,556below the sector's middle half▼ 58.9%-€25,735below the sector's middle half▼ 4.8%
Solvency5.0%-5.4%below the sector's middle half▲ 0.3pp9.6%within the sector's middle half▲ 4.2pp12.3%within the sector's middle half▲ 2.7pp16.1%within the sector's middle half▲ 3.9pp23.1%within the sector's middle half▲ 6.9pp20.3%within the sector's middle half▼ 2.7pp
Current ratio0.81-0.68below the sector's middle half▼ 0.130.62below the sector's middle half▼ 0.060.62below the sector's middle half=0.78below the sector's middle half▲ 0.160.61below the sector's middle half▼ 0.170.65below the sector's middle half▲ 0.05
Return on assets (ROA)-4.5%-0.0%within the sector's middle half▲ 4.5pp3.6%within the sector's middle half▲ 3.6pp4.0%within the sector's middle half▲ 0.4pp4.9%within the sector's middle half▲ 0.9pp5.1%within the sector's middle half▲ 0.2pp-2.3%within the sector's middle half▼ 7.4pp
Staff (FTE)3.7-3.7above the sector's middle half=3.7=4.8▲ 29.7%5.6▲ 16.7%5.2▼ 7.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 98% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €110,050
Fixed assets
€61,220 ▼ 13.1%
Current assets
€48,830 ▲ 29.7%
Equity and liabilities €110,050
Equity
€22,376 ▼ 10.3%
Debt
€87,674 ▲ 5.5%
Debt's share of the balance-sheet total rises from 76.9% to 79.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€18,447▼
2024 · €28,844
Cash flow
€15,686▼
2024 · €23,670
Quick ratio
0.52▲
2024 · 0.45
Debt to equity
3.92▲
2024 · 3.33
ROE
-11.4%▼
2024 · 22.2%
Interest coverage
8.77▼
2024 · 11.62
Debt ≤ 1 year
€74,565▲
2024 · €62,218
Debt > 1 year
€9,027▼
2024 · €19,673
Income taxes
€658▼
2024 · €2,815
Staff costs
€87,336▲
2024 · €86,061
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 3 |
| full-time | 1 | 1 | 1 |
| part-time | 4 | 3 | 2 |
| in full-time equivalents | 2.9 | 2.7 | 2 |
| Average over the year, in full-time equivalents | 3.7 | 3.4 | 2.9 |
| On a permanent contract | 5 | 4 | 3 |
| Joined | 5 | 3 | 5 |
| Left | 5 | 4 | 6 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €66,282 | €28,864 | €21,703 | €9,053 |
| Depreciation and write-downs of the year | €22,831 | €23,585 | €18,134 | €18,246 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 2 entries · €2,702 awarded · €2,702 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €112,431 | €84,637 | €86,061 | €87,336 | ▲ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,170 | €21,195 | €21,495 | €22,831 | €23,585 | €18,134 | €18,246 | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €2,035 | €2,878 | €2,046 | €1,408 | ▼ 31.2% |
| Gross operating margin9900 | €157,642 | €159,646 | €156,962 | €145,377 | €122,395 | €116,951 | €107,191 | ▼ 8.3% |
| Operating profit (loss)9901 | -€2,217 | €4,631 | €8,075 | €8,079 | €11,296 | €10,710 | €201 | ▼ 98.1% |
| Financial income75/76B | - | - | - | €723 | €188 | €124 | €0 | ▼ 99.9% |
| Recurring financial income75 | €86 | €296 | €275 | €723 | €188 | €124 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €2,320 | €2,201 | €2,482 | €2,103 | ▼ 15.3% |
| Recurring financial charges65 | €1,893 | €2,527 | €2,088 | €2,320 | €2,201 | €2,482 | €2,103 | ▼ 15.3% |
| Profit (loss) for the period before taxes9903 | -€4,024 | €2,400 | €6,262 | €6,482 | €9,283 | €8,351 | -€1,902 | - |
| Income taxes67/77 | €721 | €2,397 | €2,812 | €2,041 | €3,389 | €2,815 | €658 | ▼ 76.6% |
| Profit (loss) for the period9904 | -€4,745 | €3 | €3,451 | €4,441 | €5,894 | €5,536 | -€2,560 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,844 | -€96 | €3,451 | €4,441 | €5,894 | €5,536 | -€2,560 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €106,187 | €104,689 | €94,717 | €110,122 | €120,293 | €108,075 | €110,050 | ▲ 1.8% |
| Fixed assets21/28 | €42,042 | €60,111 | €59,475 | €65,803 | €66,845 | €70,413 | €61,220 | ▼ 13.1% |
| Tangible fixed assets22/27 | €42,042 | €60,111 | €59,475 | €65,803 | €66,845 | €70,413 | €61,220 | ▼ 13.1% |
| Plant, machinery and equipment23 | - | - | - | €38,060 | €28,505 | €22,178 | €21,076 | ▼ 5.0% |
| Furniture and vehicles24 | - | - | - | €730 | €94 | €0 | - | - |
| Leasing and similar rights25 | - | - | - | €11,905 | €10,867 | €10,753 | €7,498 | ▼ 30.3% |
| Other tangible fixed assets26 | - | - | - | €15,108 | €27,379 | €37,482 | €32,646 | ▼ 12.9% |
| Current assets29/58 | €64,146 | €44,578 | €35,242 | €44,319 | €53,448 | €37,661 | €48,830 | ▲ 29.7% |
| Stocks and contracts in progress3 | €12,045 | €14,569 | €15,165 | €13,522 | €11,092 | €9,867 | €10,236 | ▲ 3.7% |
| Stocks30/36 | - | - | - | €13,522 | €11,092 | €9,867 | €10,236 | ▲ 3.7% |
| Amounts receivable within one year40/41 | €18,770 | €6,694 | €3,862 | €9,658 | €7,988 | €8,575 | €9,502 | ▲ 10.8% |
| Trade receivables40 | - | - | - | €3,891 | €5,715 | €5,391 | €3,226 | ▼ 40.2% |
| Other amounts receivable41 | - | - | - | €5,767 | €2,272 | €3,184 | €6,276 | ▲ 97.1% |
| Cash at bank and in hand54/58 | €31,535 | €19,621 | €13,807 | €18,330 | €24,711 | €15,939 | €24,702 | ▲ 55.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,809 | €9,657 | €3,280 | €4,390 | ▲ 33.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €106,187 | €104,689 | €94,717 | €110,122 | €120,293 | €108,075 | €110,050 | ▲ 1.8% |
| Equity10/15 | €5,362 | €5,614 | €9,065 | €13,506 | €19,400 | €24,936 | €22,376 | ▼ 10.3% |
| Contributions10/11 | €20,000 | €0 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €1,563 | €1,662 | €1,662 | €1,662 | €1,662 | €1,662 | €1,662 | = |
| Tax-exempt reserves132 | - | - | - | €296 | €296 | €296 | €296 | = |
| Distributable reserves133 | - | - | - | €1,366 | €1,366 | €1,366 | €1,366 | = |
| Profit (loss) carried forward14 | -€16,201 | -€16,047 | -€12,597 | -€8,156 | -€2,262 | €3,274 | €714 | ▼ 78.2% |
| Amounts payable17/49 | €100,825 | €99,074 | €85,652 | €96,616 | €100,893 | €83,139 | €87,674 | ▲ 5.5% |
| Amounts payable after more than one year17 | €12,472 | €25,717 | €23,560 | €17,703 | €24,530 | €19,673 | €9,027 | ▼ 54.1% |
| Financial debts170/4 | - | - | - | €17,703 | €24,530 | €19,673 | €9,027 | ▼ 54.1% |
| Amounts payable within one year42/48 | €79,408 | €65,815 | €56,733 | €71,420 | €68,901 | €62,218 | €74,565 | ▲ 19.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,158 | €15,216 | €15,312 | €15,012 | ▼ 2.0% |
| Trade debts44 | €41,257 | €32,838 | €27,612 | €30,301 | €35,933 | €30,927 | €34,806 | ▲ 12.5% |
| Suppliers440/4 | - | - | - | €30,301 | €35,933 | €30,927 | €34,806 | ▲ 12.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €23 | - |
| Taxes, remuneration and social security45 | - | - | - | €22,961 | €17,752 | €15,979 | €24,567 | ▲ 53.7% |
| Taxes450/3 | - | - | - | €4,245 | €3,147 | €3,038 | €5,425 | ▲ 78.6% |
| Remuneration and social security454/9 | - | - | - | €18,716 | €14,605 | €12,941 | €19,141 | ▲ 47.9% |
| Other amounts payable47/48 | - | - | - | €0 | - | - | €158 | - |
| Accrued charges and deferred income492/3 | - | - | - | €7,493 | €7,462 | €1,249 | €4,082 | ▲ 227% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,745 | €3 | €3,451 | €4,441 | €5,894 | €5,536 | -€2,560 | - |
| + Depreciation and write-downs630 | €25,170 | €21,195 | €21,495 | €22,831 | €23,585 | €18,134 | €18,246 | ▲ 0.6% |
| Operating cash flow (approximation) | €20,425 | €21,198 | €24,946 | €27,273 | €29,479 | €23,670 | €15,686 | ▼ 33.7% |
| Investment in fixed assets (approximation) | - | -€39,265 | -€20,860 | -€29,160 | -€24,627 | -€21,703 | -€9,053 | ▲ 58.3% |
| Change in cash | - | -€11,915 | -€5,813 | €4,523 | €6,381 | -€8,772 | €8,763 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,450 companies had the same profile as BRARO has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BRARO itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,450 companies, not a prediction for BRARO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 26-01-2026 | 2026-00013542 | |
| 30-06-2024 | micro format | 27-12-2024 | 2024-00626160 | |
| 30-06-2023 | micro format | 22-12-2023 | 2023-00534751 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008383 | |
| 30-06-2021 | micro format | 22-12-2021 | 2021-81400349 | |
| 30-06-2020 | micro format | 18-12-2020 | 2020-76300335 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-77000486 | |
| 30-06-2018 | micro format | 21-12-2018 | 2018-75300425 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03300388 | |
| 30-06-2016 | abbreviated format | 22-12-2016 | 2016-71000360 |